Which European Countries Hold the Most Gold Reserves?

Key Takeaways

• Gold remains an important reserve asset in Europe, mainly held for long-term stability and confidence rather than everyday use.
• Most of Europe’s gold is concentrated at the top. Germany, Italy, and France each hold over 2,400 tonnes. These gold reserves were built up over decades and are still treated as core reserve assets.
• Russia and Turkey stand out outside Western Europe. Russia ranks fourth, while Turkey’s sustained buying has made it the largest gold holder beyond Western Europe.
• Smaller countries hold much less gold. In places like Slovakia and Ukraine, gold plays a supporting role rather than anchoring reserve strategies.
• Reserve strategies vary by policy choice. Norway holds little to no gold despite its wealth, showing that economic size does not always translate into gold holdings.

Europe’s Gold Reserves by Country

Gold remains a core reserve asset across Europe, even as portfolios prioritize foreign currencies and financial assets. It serves central banks as a long-term store of value for stability and confidence, rather than daily liquidity.

At the top of the table, Germany, Italy, and France dominate by a wide margin. Together, they hold nearly half of Europe’s gold. These reserves date back to older monetary systems and remain untouched as foundational assets.

Russia follows in fourth at 2,330 tonnes. Meanwhile, Turkey is fifth at 641 tonnes, holding the largest gold reserves outside Western Europe due to sustained buying. 

Smaller economies such as Slovakia and Ukraine hold comparatively modest gold reserves. Norway reports little or no gold holdings despite its economic strength. This shows that gold holdings reflect strategic policy decisions rather than economic necessity.